Navios Maritime Midstream Partners L.P. (“Navios Midstream”)
(NYSE:NAP), an owner and operator of tanker vessels, reported its
financial results today for the fourth quarter and year ended
December 31, 2017.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Midstream, stated, “We are pleased to report results for the fourth
quarter and full year of 2017. For the fourth quarter of 2017, we
reported $16.3 million of EBITDA and $4.3 million of net income.
For the full year of 2017, we reported $57.9 million of EBITDA and
$14.6 million of net income. We also announced a distribution of
$0.4225 per unit, representing an annualized yield of about
17%.”
RECENT DEVELOPMENTS
Cash Distribution
The Board of Directors of Navios Midstream declared a cash
distribution for the fourth quarter of 2017 of $0.4225 per unit.
The cash distribution is payable on February 14, 2018 to
unitholders of record as of February 9, 2018.
Navios Midstream’s ability to make distributions to its
unitholders depends on the performance of its subsidiaries and
their ability to distribute funds to it. The ability of Navios
Midstream’s subsidiaries to make distributions to it may be
restricted by, among other things, the provisions of existing and
future indebtedness, market conditions, applicable partnership and
limited liability company laws and other laws and regulations.
Liquidity
In January 2018, Navios Midstream received $11.5 million of
backstop payment, reflecting the outstanding balance as of
September 30, 2017, from a total estimated backstop commitment of
$16.4 million incurred in 2017.
On a pro forma basis, adjusting for the receipt of the backstop
payment of $11.5 million, cash and cash equivalents and restricted
cash as of December 31, 2017, increased from $37.1 million to $48.6
million.
Long–Term Cash Flow
Navios Midstream has entered into long-term charter-out
agreements for its vessels, with a remaining average term of 3.3
years, which are expected to provide a stable base of revenue and
distributable cash flow. Navios Midstream has currently contracted
out 100% of its available days for 2018 and 40.8% for 2019
expecting to generate revenues, including the backstop commitment
provided by Navios Maritime Acquisition Corporation, of
approximately $86.6 million and $40.8 million for 2018 and 2019,
respectively. The average expected daily charter-out rate for the
fleet is $39,559 and $45,613 for 2018 and 2019, respectively.
FINANCIAL HIGHLIGHTS
For the following results and the selected financial data
presented herein, Navios Midstream has compiled condensed
consolidated statements of income for the three months and years
ended December 31, 2017 and 2016. The information for the quarterly
and years ended December 31, 2017 and 2016 was derived from the
unaudited condensed consolidated financial statements for the
respective periods. EBITDA and Operating Surplus are non GAAP
financial measures and should not be used in isolation or
substitution for Navios Midstream’s results.
See Exhibit 3 under the heading, “Disclosure of Non-GAAP
Financial Measures”, for a discussion of EBITDA and Operating
Surplus, and a reconciliation of such measures to the most
comparable measures calculated under U.S. GAAP.
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(in $‘000
except per unit data) |
|
Three Month Period ended December 31, 2017 (unaudited) |
|
|
Three Month Period
ended December 31, 2016 (unaudited) |
|
|
Year endedDecember 31, 2017(unaudited) |
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|
Year endedDecember 31, 2016(unaudited) |
|
Revenue |
|
$ |
22,700 |
|
|
$ |
22,781 |
|
|
$ |
83,052 |
|
|
$ |
91,834 |
|
Net income |
|
|
4,299 |
|
|
|
6,049 |
|
|
|
14,631 |
|
|
|
24,890 |
|
Net cash provided by
operating activities |
|
|
6,600 |
|
|
|
13,519 |
|
|
|
18,368 |
|
|
|
49,738 |
|
EBITDA |
|
|
16,309 |
|
|
|
16,365 |
|
|
|
57,936 |
|
|
|
66,170 |
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Earnings per common
unit (basic and diluted) |
|
|
0.20 |
|
|
|
0.28 |
|
|
|
0.70 |
|
|
|
1.19 |
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Operating Surplus |
|
|
10,920 |
|
|
|
10,007 |
|
|
|
36,524 |
|
|
|
40,609 |
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Maintenance and
replacement capital expenditure reserve |
|
|
2,461 |
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|
|
3,580 |
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|
|
9,844 |
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14,321 |
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Three month periods ended December 31, 2017
and 2016
Revenue for the three month period ended
December 31, 2017 decreased by less than $0.1 million to
$22.7 million, as compared to $22.8 million for the same
period in 2016. Time Charter Equivalent (“TCE”) was $40,391 for the
three month period ended December 31, 2017 and $40,719 for the
three month period ended December 31, 2016.
Net income for the three month period ended December 31, 2017
was $4.3 million compared to $6.0 million for the three month
period ended December 31, 2016. The decrease in net income of
approximately $1.8 million was due to a: (a) $1.4 million increase
in interest expenses and finance cost mainly due to a $1.3 million
write-off of deferred finance cost; (b) $0.4 million increase in
direct vessel expenses; and (c) $0.1 million decrease in EBITDA;
partially mitigated by a $0.1 million decrease in depreciation and
amortization.
Earnings per common unit were $0.20 for the three month period
ended December 31, 2017.
EBITDA decreased by $0.1 million to
$16.3 million for the three month period ended
December 31, 2017, as compared to $16.4 million for the
same period in 2016. The decrease in EBITDA was due to a: (a)
$0.2 million increase in general and administrative expenses;
(b) $0.1 million decrease in revenue; and
(c) $0.1 million increase in time charter expenses;
partially mitigated by a $0.3 million decrease in other
expense.
The reserve for estimated maintenance and replacement capital
expenditures for the three month periods ended December 31,
2017 and 2016 was $2.5 million and $3.6 million, respectively
(please see “Disclosure of Non-GAAP Financial
Measures-4.Reconciliation of Non-GAAP Financial Measures” in
Exhibit 3).
Navios Midstream generated an Operating Surplus for the three
month period ended December 31, 2017 of $10.9 million.
Operating Surplus is a non-GAAP financial measure used by certain
investors to assist in evaluating a partnership’s ability to make
quarterly cash distributions (please see “Disclosure of Non-GAAP
Financial Measures-4.Reconciliation of Non-GAAP Financial Measures”
in Exhibit 3).
Year ended December 31, 2017 and
2016
Revenue for the year ended December 31, 2017 decreased by
$8.8 million to $83.1 million, as compared to
$91.8 million for the same period in 2016, mainly due to the
decrease of profit share by $4.3 million as a result of prevailing
market conditions and certain unscheduled off-hires among which was
the prolonged drydock of one of our vessels. TCE was $39,401
for the year ended December 31, 2017 and $42,625 for the year ended
December 31, 2016.
Net income for the year ended December 31, 2017 was $14.6
million compared to $24.9 million for the year ended December 31,
2016. The decrease in net income of approximately $10.3 million was
due to: (a) an $8.2 million decrease in EBITDA; (b) a $1.6 million
increase in interest expenses and finance cost mainly due to a $1.3
million write-off of deferred finance cost; (c) a $0.8 million
increase in direct vessel expenses; and (d) a $0.1 million decrease
in interest income; partially mitigated by a $0.5 million decrease
in depreciation and amortization.
Earnings per common unit were $0.70 for the year ended December
31, 2017.
EBITDA decreased by $8.2 million to $57.9 million for
the year ended December 31, 2017, as compared to
$66.2 million for the same period in 2016. The decrease in
EBITDA was mainly due to an $8.8 million decrease in revenue. The
above decrease was partially mitigated by a: (a) $0.3 million
decrease in time charter expenses; (b) $0.1 million decrease
in general and administrative expenses; (c) $0.1 million
decrease in management fees; and (d) $0.1 million decrease in
other expense.
The reserve for estimated maintenance and replacement capital
expenditures for the year ended December 31, 2017 and 2016 was
$9.8 million and $14.3 million, respectively (please see
“Disclosure of Non-GAAP Financial Measures-4.Reconciliation of
Non-GAAP Financial Measures” in Exhibit 3).
Navios Midstream generated an Operating Surplus for the year
ended December 31, 2017 of $36.5 million. Operating Surplus is
a non-GAAP financial measure used by certain investors to assist in
evaluating a partnership’s ability to make quarterly cash
distributions (please see “Disclosure of Non-GAAP Financial
Measures-4.Reconciliation of Non-GAAP Financial Measures” in
Exhibit 3).
Fleet Employment Profile
The following table reflects certain key
indicators of Navios Midstream’s core fleet performance for the
three months and years ended December 31, 2017 and 2016.
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Three Month Period
ended December 31, 2017
(unaudited) |
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Three Month Period
ended December 31, 2016
(unaudited) |
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Year endedDecember 31, 2017
(unaudited) |
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Year endedDecember 31, 2016
(unaudited) |
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FLEET
DATA |
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Available days(1) |
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|
552 |
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|
552 |
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|
2,077 |
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|
|
2,120 |
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Operating days(2) |
|
|
545 |
|
|
551 |
|
|
|
2,049 |
|
|
|
2,113 |
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Fleet
utilization(3) |
|
|
98.7 |
% |
|
99.9 |
% |
|
|
98.6 |
% |
|
|
99.7 |
% |
Vessels operating at
period end |
|
|
6 |
|
|
6 |
|
|
|
6 |
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|
|
6 |
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AVERAGE DAILY
RESULTS |
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Time Charter Equivalent
per day(4) |
|
$ |
40,391 |
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$ |
40,719 |
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$ |
39,401 |
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$ |
42,625 |
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(1) |
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Available days for the fleet represent total calendar days the
vessels were in Navios Midstream’s possession for the relevant
period after subtracting off-hire days associated with scheduled
repairs, drydock or special surveys. The shipping industry uses
available days to measure the number of days in a relevant period
during which a vessel is capable of generating revenues. |
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(2) |
|
Operating days is the number of available days in the relevant
period less the aggregate number of days that the vessels are
off-hire due to any reason, including unforeseen circumstances. The
shipping industry uses operating days to measure the aggregate
number of days in a relevant period during which vessels actually
generate revenues. |
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(3) |
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Fleet
utilization is the percentage of time that Navios Midstream’s
vessels were available for revenue generating available days, and
is determined by dividing the number of operating days during a
relevant period by the number of available days during that period.
The shipping industry uses fleet utilization to measure efficiency
in finding employment for vessels and minimizing the amount of days
that its vessels are off-hire for reasons other than scheduled
repairs, drydock or special surveys. |
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(4) |
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TCE
rates are defined as voyage and time charter revenues less voyage
expenses during a period divided by the number of available days
during the period. The TCE rate is a standard shipping industry
performance measure used primarily to present the actual daily
earnings generated by vessels on various types of charter contracts
for the number of available days of the fleet. |
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Conference Call Details:
Navios Midstream’s management will host a
conference call today, Wednesday, January 31, 2018 to discuss the
results for the fourth quarter and year ended December 31,
2017.
Conference Call details:
Call Date/Time: Wednesday, January 31, 2018 at 8:30 am ETCall
Title: Navios Midstream Q4 2017 Financial Results Conference Call
US Dial In: +1.866.703.4207 International Dial In: +1.636.692.6440
Conference ID: 806 8933
The conference call replay will be available two hours after the
live call and remain available for one week at the following
numbers:
US Replay Dial In: +1.800.585.8367 International Replay Dial In:
+1.404.537.3406 Conference ID: 806 8933
Slides and Audio Webcast:There
will also be a live webcast of the conference call, through Navios
Midstream’s website (www.navios-midstream.com) under “Investors”.
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
A supplemental slide presentation will be
available on Navios Midstream’s website under the “Investors”
section by 8:00 am ET on the day of the call.
About Navios Maritime Midstream Partners
L.P.
Navios Maritime Midstream Partners L.P. is a
publicly traded master limited partnership which owns and operates
crude oil tankers under long-term employment contracts. For more
information, please visit our website at
www.navios-midstream.com.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and expectations,
including with respect to Navios Midstream’s future dividends and
Navios Midstream's growth strategy and measures to implement such
strategy; including expected vessel acquisitions and entering into
further time charters. Words such as “may,” “expects,” “intends,”
“plans,” “believes,” “anticipates,” “hopes,” “estimates,” and
variations of such words and similar expressions are intended to
identify forward-looking statements. Such statements include
comments regarding expected revenue and time charters. These
forward-looking statements are based on the information available
to, and the expectations and assumptions deemed reasonable by,
Navios Midstream at the time these statements were made. Although
Navios Midstream believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Midstream. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the creditworthiness of
our charterers and the ability of our contract counterparties to
fulfill their obligations to us, tanker industry trends, including
charter rates and vessel values and factors affecting vessel supply
and demand, the aging of our vessels and resultant increases in
operation and drydocking costs, the loss of any customer or charter
or vessel, our ability to repay outstanding indebtedness, to obtain
additional financing and to obtain replacement charters for our
vessels, in each case, at commercially acceptable rates or at all,
increases in costs and expenses, including but not limited to: crew
wages, insurance, provisions, port expenses, lube oil, bunkers,
repairs, maintenance and general and administrative expenses, the
expected cost of, and our ability to comply with, governmental
regulations and maritime self-regulatory organization standards, as
well as standard regulations imposed by our charterers applicable
to our business, potential liability from litigation and our vessel
operations, including discharge of pollutants, general domestic and
international political conditions, competitive factors in the
market in which Navios Midstream operates; risks associated with
operations outside the United States; and other factors listed
from time to time in Navios Midstream’s filings with the U.S.
Securities and Exchange Commission including its Form 20-Fs and
Form 6-Ks. Navios Midstream expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Navios Midstream’s expectations with respect thereto or any
change in events, conditions or circumstances on which any
statement is based. Navios Midstream makes no prediction or
statement about the performance of its common units.
Investor Relations Contact
Navios Maritime Midstream Partners L.P. +1 (212) 906
8647Investors@navios-midstream.com
EXHIBIT 1
NAVIOS MARITIME MIDSTREAM PARTNERS
L.P. CONDENSED CONSOLIDATED BALANCE
SHEETS (Expressed in thousands of U.S. Dollars) |
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|
December 31,2017 |
|
|
December 31,2016 |
|
ASSETS |
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|
Current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
|
|
$ |
27,086 |
|
|
$ |
52,791 |
|
Restricted cash |
|
|
|
|
|
|
10,000 |
|
|
|
— |
|
Accounts receivable,
net |
|
|
|
|
|
|
2,357 |
|
|
|
2,264 |
|
Prepaid expenses and
other current assets |
|
|
|
|
|
|
3,022 |
|
|
|
1,168 |
|
Due from related
parties, current |
|
|
|
|
|
|
20,086 |
|
|
|
4,864 |
|
Total current
assets |
|
|
|
|
|
|
62,551 |
|
|
|
61,087 |
|
Vessels, net |
|
|
|
|
|
|
356,220 |
|
|
|
378,444 |
|
Intangible assets |
|
|
|
|
|
|
22,318 |
|
|
|
25,164 |
|
Deferred dry dock and
special survey costs, net |
|
|
|
|
|
|
12,893 |
|
|
|
11,086 |
|
Due from related
parties, non-current |
|
|
|
|
|
|
2,565 |
|
|
|
— |
|
Total
non-current assets |
|
|
|
|
|
|
393,996 |
|
|
|
414,694 |
|
Total
assets |
|
|
|
|
|
$ |
456,547 |
|
|
$ |
475,781 |
|
LIABILITIES AND
PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
$ |
1,999 |
|
|
$ |
2,386 |
|
Accrued expenses |
|
|
|
|
|
|
572 |
|
|
|
602 |
|
Deferred revenue |
|
|
|
|
|
|
1,731 |
|
|
|
2,494 |
|
Current portion of
long-term debt, net of deferred finance costs and discount |
|
|
|
|
|
|
675 |
|
|
|
661 |
|
Total current
liabilities |
|
|
|
|
|
|
4,977 |
|
|
|
6,143 |
|
Long-term debt, net of
deferred finance costs and discount |
|
|
|
|
|
|
195,839 |
|
|
|
196,515 |
|
Total
non-current liabilities |
|
|
|
|
|
|
195,839 |
|
|
|
196,515 |
|
Total
liabilities |
|
|
|
|
|
$ |
200,816 |
|
|
$ |
202,658 |
|
Commitments and
contingencies |
|
|
|
|
|
|
— |
|
|
|
— |
|
Total Partners’
capital |
|
|
|
|
|
|
|
|
|
|
|
|
Common Unitholders
(19,354,498 units and 9,675,795 units issued and outstanding at
December 31, 2017 and December 31, 2016,
respectively) |
|
|
|
|
|
|
225,742 |
|
|
|
125,635 |
|
Subordinated Series A
Unitholders (1,592,920 units issued and outstanding at
December 31, 2017 and December 31, 2016,
respectively) |
|
|
|
|
|
|
24,992 |
|
|
|
26,593 |
|
Subordinated
Unitholders (zero units and 9,342,692 units issued and outstanding
at December 31, 2017 and December 31, 2016,
respectively) |
|
|
|
|
|
|
— |
|
|
|
115,552 |
|
General Partner
(427,499 units issued and outstanding at December 31, 2017 and
420,641 issued and outstanding at December 31, 2016,
respectively) |
|
|
|
|
|
|
4,997 |
|
|
|
5,343 |
|
Partners’
capital |
|
|
|
|
|
|
255,731 |
|
|
|
273,123 |
|
Total
liabilities and Partners’ capital |
|
|
|
|
|
$ |
456,547 |
|
|
$ |
475,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME MIDSTREAM PARTNERS
L.P.CONDENSED CONSOLIDATED STATEMENTS OF
INCOME(Expressed in thousands of U.S. Dollars, except per
unit amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month Period
ended December 31, 2017
(unaudited) |
|
|
Three Month Period
ended December 31, 2016
(unaudited) |
|
|
Year endedDecember 31, 2017
(unaudited) |
|
|
Year endedDecember 31, 2016 |
|
Revenue |
|
|
|
|
|
$ |
22,700 |
|
|
$ |
22,781 |
|
|
$ |
83,052 |
|
|
$ |
91,834 |
|
Time charter
expenses |
|
|
|
|
|
|
(405 |
) |
|
|
(305 |
) |
|
|
(1,198 |
) |
|
|
(1,466 |
) |
Direct vessel
expenses |
|
|
|
|
|
|
(1,145 |
) |
|
|
(781 |
) |
|
|
(3,919 |
) |
|
|
(3,093 |
) |
Management fees
(entirely through related party transactions) |
|
|
|
|
|
|
(5,244 |
) |
|
|
(5,244 |
) |
|
|
(20,805 |
) |
|
|
(20,862 |
) |
General and
administrative expenses |
|
|
|
|
|
|
(725 |
) |
|
|
(552 |
) |
|
|
(2,832 |
) |
|
|
(2,968 |
) |
Depreciation and
amortization |
|
|
|
|
|
|
(6,259 |
) |
|
|
(6,378 |
) |
|
|
(25,070 |
) |
|
|
(25,534 |
) |
Interest expenses and
finance cost |
|
|
|
|
|
|
(4,641 |
) |
|
|
(3,196 |
) |
|
|
(14,370 |
) |
|
|
(12,843 |
) |
Interest income |
|
|
|
|
|
|
35 |
|
|
|
39 |
|
|
|
54 |
|
|
|
190 |
|
Other income, net |
|
|
|
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
4 |
|
Other expense |
|
|
|
|
|
|
(17 |
) |
|
|
(317 |
) |
|
|
(281 |
) |
|
|
(372 |
) |
Net
income |
|
|
|
|
|
$ |
4,299 |
|
|
$ |
6,049 |
|
|
$ |
14,631 |
|
|
$ |
24,890 |
|
Earnings
attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common unit
holders |
|
|
|
|
|
$ |
2,932 |
|
|
$ |
2,783 |
|
|
$ |
7,771 |
|
|
$ |
11,306 |
|
Subordinated unit
holders Series A |
|
|
|
|
|
$ |
320 |
|
|
$ |
458 |
|
|
$ |
1,091 |
|
|
$ |
1,906 |
|
Subordinated unit
holders |
|
|
|
|
|
$ |
960 |
|
|
$ |
2,688 |
|
|
$ |
5,479 |
|
|
$ |
11,186 |
|
General Partner |
|
|
|
|
|
$ |
87 |
|
|
$ |
120 |
|
|
$ |
290 |
|
|
$ |
492 |
|
Earnings per
unit (basic and diluted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
unitholders: |
|
|
|
|
|
$ |
0.20 |
|
|
$ |
0.28 |
|
|
$ |
0.70 |
|
|
$ |
1.19 |
|
Subordinated Series A
unitholders: |
|
|
|
|
|
$ |
0.20 |
|
|
$ |
0.29 |
|
|
$ |
0.69 |
|
|
$ |
1.20 |
|
Subordinated
unitholders: |
|
|
|
|
|
$ |
0.20 |
|
|
$ |
0.28 |
|
|
$ |
0.67 |
|
|
$ |
1.19 |
|
General Partner: |
|
|
|
|
|
$ |
0.20 |
|
|
$ |
0.29 |
|
|
$ |
0.68 |
|
|
$ |
1.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME MIDSTREAM PARTNERS
L.P.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Expressed in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
endedDecember 31,2017(unaudited) |
|
|
Year
endedDecember 31,2016 |
|
|
Operating
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
$ |
14,631 |
|
|
$ |
24,890 |
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
|
|
|
|
25,070 |
|
|
|
25,534 |
|
|
Amortization of
deferred finance cost and discount |
|
|
|
|
|
|
2,677 |
|
|
|
1,407 |
|
|
Amortization of dry
dock and special survey costs |
|
|
|
|
|
|
3,919 |
|
|
|
3,093 |
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase)/ decrease in
prepaid expenses and other current assets |
|
|
|
|
|
|
(3,144 |
) |
|
|
94 |
|
|
Payments for
Drydocking |
|
|
|
|
|
|
(5,725 |
) |
|
|
(8,113 |
) |
|
(Increase)/ decrease in
accounts receivable |
|
|
|
|
|
|
(93 |
) |
|
|
2,846 |
|
|
Increase in due from
related parties, current |
|
|
|
|
|
|
(15,222 |
) |
|
|
(2,498 |
) |
|
Increase in due from
related parties, non-current |
|
|
|
|
|
|
(2,565 |
) |
|
|
— |
|
|
(Decrease)/ increase in
accounts payable |
|
|
|
|
|
|
(387 |
) |
|
|
1,974 |
|
|
Decrease in accrued
expenses |
|
|
|
|
|
|
(30 |
) |
|
|
(52 |
) |
|
(Decrease)/ increase in
deferred revenue |
|
|
|
|
|
|
(763 |
) |
|
|
563 |
|
|
Net cash
provided by operating activities |
|
|
|
|
|
$ |
18,368 |
|
|
$ |
49,738 |
|
|
Investing
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
vessels |
|
|
|
|
|
|
— |
|
|
|
(500 |
) |
|
Net cash used
in investing activities |
|
|
|
|
|
$ |
— |
|
|
$ |
(500 |
) |
|
Financing
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Long term
debt, net of deferred finance costs and discount |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
Loan repayment |
|
|
|
|
|
|
(2,050 |
) |
|
|
(3,200 |
) |
|
IPO expenses |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
Dividend paid |
|
|
|
|
|
|
(36,111 |
) |
|
|
(35,180 |
) |
|
Proceeds from issuance
of general partner units |
|
|
|
|
|
|
84 |
|
|
|
89 |
|
|
Proceeds from issuance
of common units |
|
|
|
|
|
|
4,004 |
|
|
|
4,010 |
|
|
Increase in restricted
cash |
|
|
|
|
|
|
(10,000 |
) |
|
|
— |
|
|
Net cash (used
in)/ provided by financing activities |
|
|
|
|
|
$ |
(44,073 |
) |
|
$ |
(34,281 |
) |
|
Net (decrease)/
increase in cash and cash equivalents |
|
|
|
|
|
|
(25,705 |
) |
|
|
14,957 |
|
|
Cash and cash
equivalents, beginning of year |
|
|
|
|
|
|
52,791 |
|
|
|
37,834 |
|
|
Cash and cash
equivalents, end of year |
|
|
|
|
|
$ |
27,086 |
|
|
$ |
52,791 |
|
|
Supplemental
disclosures of cash flow information |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest paid |
|
|
|
|
|
$ |
11,614 |
|
|
$ |
11,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT 2
Owned Vessels |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Shinyo Kieran |
|
VLCC |
|
2011 |
|
|
297,066 |
|
Shinyo Saowalak |
|
VLCC |
|
2010 |
|
|
298,000 |
|
Nave Celeste |
|
VLCC |
|
2003 |
|
|
298,717 |
|
Shinyo Kannika |
|
VLCC |
|
2001 |
|
|
287,175 |
|
Shinyo Ocean |
|
VLCC |
|
2001 |
|
|
281,395 |
|
C. Dream |
|
VLCC |
|
2000 |
|
|
298,570 |
|
|
|
|
|
|
|
|
|
|
Option Vessels(1) |
|
Type |
|
Built |
|
Capacity(DWT) |
|
Expiration Date |
|
Nave Buena Suerte |
|
VLCC |
|
2011 |
|
|
297,491 |
|
November 18, 2018 |
|
Nave Neutrino |
|
VLCC |
|
2003 |
|
|
298,287 |
|
November 18, 2018 |
|
Nave Electron |
|
VLCC |
|
2002 |
|
|
305,178 |
|
November 18, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Navios
Midstream has options, to acquire up to three VLCCs at fair market
value from Navios Maritime Acquisition Corporation until November
18, 2018. |
|
|
|
EXHIBIT 3
Disclosure of Non-GAAP Financial
Measures
1. EBITDA
EBITDA represents net income before interest and finance costs,
before depreciation and amortization and income taxes. We use
EBITDA as a liquidity measure and reconcile EBITDA to net cash
provided by/(used in) operating activities, the most comparable
liquidity measure in accordance with generally accepted accounting
principles in the United States (“U.S. GAAP”). EBITDA in this
document is calculated as follows: net cash provided by /(used in)
operating activities adding back, when applicable and as the case
may be, the effect of: (i) net increase /(decrease) in operating
assets; (ii) net (increase)/decrease in operating liabilities;
(iii) net interest cost; (iv) amortization of deferred finance
charges and other related expenses; (v) provision for losses on
accounts receivable; (vi) equity in affiliates, net of dividends
received; (vii) payments for drydock and special survey costs;
(viii) gain /(loss) on sale of assets/subsidiaries; and (ix)
impairment charges. Navios Midstream believes that EBITDA is the
basis upon which liquidity can be assessed and presents useful
information to investors regarding Navios Midstream’s ability to
service and/or incur indebtedness, pay capital expenditures, meet
working capital requirements and make cash distributions. Navios
Midstream also believes that EBITDA is used: (i) by potential
lenders to evaluate potential transactions; (ii) to evaluate
and price potential acquisition candidates; and (iii) by securities
analysts, investors and other interested parties in the evaluation
of companies in our industry.
EBITDA has limitations as an analytical tool, and should not be
considered in isolation or as a substitute for the analysis of
Navios Midstream’s results as reported under U.S. GAAP. Some of
these limitations are: (i) EBITDA does not reflect changes in, or
cash requirements for, working capital needs; and
(ii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA does not reflect any cash
requirements for such capital expenditures. As a result of these
limitations, EBITDA should not be considered as a principal
indicator of Navios Midstream’s performance. Furthermore, our
calculation of EBITDA may not be comparable to that reported by
other companies due to differences in methods of calculation.
2. Operating Surplus
Operating Surplus represents net income adjusted
for depreciation and amortization expense, non-cash interest
expense and estimated maintenance and replacement capital
expenditures. Maintenance and replacement capital expenditures are
those capital expenditures required to maintain over the long term
the operating capacity of, or the revenue generated by, Navios
Midstream’s capital assets.
Operating Surplus is a quantitative measure used
in the publicly-traded partnership investment community to assist
in evaluating a partnership’s ability to make quarterly cash
distributions. Operating Surplus is not required by accounting
principles generally accepted in the United States and should not
be considered a substitute for net income, cash flow from operating
activities and other operations or cash flow statement data
prepared in accordance with U.S. GAAP or as a measure of
profitability or liquidity.
3. Available Cash
Available Cash generally means for each fiscal
quarter, all cash on hand at the end of the quarter:
- less the amount of cash reserves established by the Board of
Directors to:
- provide for the proper conduct of Navios Midstream’s business
(including reserve for maintenance and replacement capital
expenditures);
- comply with applicable law, any of Navios Midstream’s debt
instruments, or other agreements; or
- provide funds for distributions to the unitholders and to the
general partner for any one or more of the next four quarters;
- plus all cash on hand on the date of determination of available
cash for the quarter resulting from working capital borrowings made
after the end of the quarter. Working capital borrowings are
generally borrowings that are made under any revolving credit or
similar agreement used solely for working capital purposes or to
pay distributions to partners.
Available Cash is a quantitative measure used in
the publicly-traded partnership investment community to assist in
evaluating a partnership’s ability to make quarterly cash
distributions. Available cash is not required by accounting
principles generally accepted in the United States and should not
be considered a substitute for net income, cash flow from operating
activities and other operations or cash flow statement data
prepared in accordance with U.S. GAAP or as a measure of
profitability or liquidity.
4. Reconciliation of
Non-GAAP Financial Measures
|
|
Three Month Period
ended December 31, 2017
($ ‘000) (unaudited) |
|
|
Three Month Period
ended December 31, 2016
($ ‘000) (unaudited) |
|
|
Year endedDecember 31, 2017
($ ‘000) (unaudited) |
|
|
Year endedDecember 31, 2016($
‘000) (unaudited) |
|
Net cash provided by
operating activities |
|
$ |
6,600 |
|
|
$ |
13,519 |
|
|
$ |
18,368 |
|
|
$ |
49,738 |
|
Net decrease in
operating assets |
|
|
6,810 |
|
|
|
304 |
|
|
|
26,749 |
|
|
|
5,173 |
|
Net (increase)/
decrease in operating liabilities |
|
|
(70 |
) |
|
|
(264 |
) |
|
|
1,180 |
|
|
|
13 |
|
Net interest cost |
|
|
4,606 |
|
|
|
3,157 |
|
|
|
14,316 |
|
|
|
12,653 |
|
Amortization of
deferred finance cost and bond premium |
|
|
(1,637 |
) |
|
|
(351 |
) |
|
|
(2,677 |
) |
|
|
(1,407 |
) |
EBITDA |
|
$ |
16,309 |
|
|
$ |
16,365 |
|
|
$ |
57,936 |
|
|
$ |
66,170 |
|
Cash interest paid |
|
$ |
(2,954 |
) |
|
$ |
(2,815 |
) |
|
$ |
(11,614 |
) |
|
$ |
(11,428 |
) |
Cash interest
income |
|
|
26 |
|
|
|
37 |
|
|
|
46 |
|
|
|
188 |
|
Maintenance and
replacement capital expenditures |
|
$ |
(2,461 |
) |
|
$ |
(3,580 |
) |
|
$ |
(9,844 |
) |
|
$ |
(14,321 |
) |
Operating
Surplus |
|
$ |
10,920 |
|
|
$ |
10,007 |
|
|
$ |
36,524 |
|
|
$ |
40,609 |
|
Cash distribution paid
relating to the first nine months |
|
|
— |
|
|
|
— |
|
|
|
(27,084 |
) |
|
|
(26,438 |
) |
Cash reserves |
|
$ |
(1,889 |
) |
|
$ |
(1,121 |
) |
|
$ |
(409 |
) |
|
$ |
(5,285 |
) |
Available cash
for distribution |
|
$ |
9,031 |
|
|
$ |
8,886 |
|
|
$ |
9,031 |
|
|
$ |
8,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month Period
ended December 31, 2017
($ ‘000) (unaudited) |
|
|
Three Month Period
ended December 31, 2016
($ ‘000) (unaudited) |
|
|
Year endedDecember 31, 2017
($ ‘000) (unaudited) |
|
|
Year endedDecember 31, 2016
($ ‘000) (unaudited) |
|
Net cash provided by
operating activities |
|
$ |
6,600 |
|
|
$ |
13,519 |
|
|
$ |
18,368 |
|
|
$ |
49,738 |
|
Net cash used in
investing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(500 |
) |
Net cash used in
financing activities |
|
$ |
(9,543 |
) |
|
$ |
(9,956 |
) |
|
$ |
(44,073 |
) |
|
$ |
(34,281 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME MIDSTREAM PARTNE (NYSE:NAP)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
NAVIOS MARITIME MIDSTREAM PARTNE (NYSE:NAP)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024